BlackRock working with @Ondo is bullish news, but I don’t think this changes the ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 story much ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 pumped around 20% after the news, while RWA remains one of the stronger narratives and Ondo already has around $3.9B in tokenized assets The project itself is in a good position It has strong institutional backing, a real product, growing RWA exposure and now another BlackRock-related catalyst The weaker part is still ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 Price performance has been held back for a long time by heavy unlocks and a large amount of supply still waiting to enter the market Ondo also generates real revenue, but token holders still capture very little of it directly There’s no meaningful buyback program yet, so new demand still has to absorb a lot of future supply That’s why I wouldn’t look at Ondo and ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 as the exact same bet The protocol can keep growing while the token still struggles with dilution But if RWA keeps attracting capital and Ondo keeps expanding with institutions, demand can eventually catch up with that supply So I’m not bearish on ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 here The @BlackRock news gives the narrative another push, and the 20% move shows there’s still strong interest I just want to see whether that demand can last longer than the headline